Egyptian Fintech Venture Connect Money Garners $8 Million in Early Financing Round
Connect Money, an Egypt-based fintech company, has announced that it has raised $8 million in seed funding. The funding round was led by Algebra Ventures and Disruptech Ventures, with additional participation from Lorax Capital Partners, One Stop, and MDP.
The funding will be used to introduce five new business verticals to the North African market, as Connect Money continues its mission to revolutionize digital payments, rapid financing, and marketplace integration.
Ayman Essawy, co-founder and CEO of Connect Money, expressed his gratitude to the investors and expressed optimism about the company's future. "We are thrilled to have the support of such esteemed investors as Disruptech Ventures, Algebra Ventures, Lorax Capital Partners, One Stop, and MDP," he said. "Our focus on enhancing non-financial institutions' operations and creating new revenue streams from banking services will accelerate our growth."
Disruptech Ventures, along with Algebra Ventures, Lorax Capital Partners, One Stop, and MDP, have invested in Connect Money due to its potential for hyper-growth. Mohamed Okasha, managing partner of Disruptech Ventures, expressed his support for Connect Money's mission to revolutionize embedded finance in the MENA region. "Connect Money's expertise, market knowledge, and integrated technology are key to improving accessibility and efficiency in financial services," he said.
Connect Money specializes in banking as a service and embedded financial services, offering an innovative SaaS platform for simplifying the payment process. The company's white-label platform allows businesses to offer debit and credit cards without developing fintech infrastructure or obtaining regulatory licensing. Connect Money handles white-label card issuance and distribution, KYC procedures, customer support, and the development of mobile banking apps.
Egypt is positioned to become a key hub for exporting embedded finance services due to Connect Money's work. The partnership with Disruptech Ventures signifies a commitment to significantly improving accessibility and efficiency in financial services, and is expected to benefit the fintech-enabled ecosystem and transform banking operations in Egypt.
Connect Money's work in financial inclusion and digital transformation in the MENA region is well-known. Ayman Essawy, along with Marwan Kenawy and Momtaz Moussa, previously founded Dsquares in 2012 and Lucky ONE in 2019. Disruptech Ventures is dedicated to supporting strong teams that develop disruptive technologies for financial inclusion and digital transformation.
With the seed funding, Connect Money is poised to accelerate its growth and eliminate existing pain points for businesses seeking financial enablement. The company is revolutionizing the way businesses operate in the MENA region, and is set to become a leader in the embedded finance space.
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